NewEnergyNews: Study Condemns World Bank New Energy Fund

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    Friday, January 27, 2017

    Study Condemns World Bank New Energy Fund

    World Bank loan scheme 'failing clean energy'

    Mark Kinver, 27 January 2017 (BBC News)

    “…[Some World Bank policy loans had the effect of supporting coal, gas and oil developments while undermining renewable schemes, according to World Bank Development Policy Finance Props Up Fossil Fuels And Exacerbates Climate Change]...It added the loans [to Indonesia, Peru, Egypt and Mozambique] were intended to boost growth in the low carbon sector [and were seen as essential in helping these nations meet their Paris Climate Change Agreeemet commitments]…The World Bank disputed the report's findings, saying it did not reflect the wider work it did with countries…DPF is one of the main activities of the bank, accounting for about one-third of its funding (more than US $15 billion in 2016)…[It] provides funding for countries in exchange for the implementation of policy agreed by both the national government and World Bank officials…[The] research found that DPF had introduced subsidies for coal in three of the four nations examined…” click here for more

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